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How can I lower my auto insurance premium?

When was the last time you reviewed your auto insurance policy? Your auto insurance might not be the highest of priorities. It might be time to refresh your memory on just where your policy stands. Here are some strategies to reduce your premium: 1. Request higher deductibles. The deductible is the amount of money you have to pay before your insurance policy kicks in. By raising your deductible from $200.00 to $500.00, you could lower the cost of your collision and comprehensive coverage by about 15 – 30%. By increasing it to $1,000.00, you could decrease that fee by at least 40%. 2. Skip coverage you don’t need. Think about dropping collision and/or comprehensive coverage on older cars with a low market value. Such coverage often is not worth it because any claim you make probably won’t exceed the cost of the insurance and the deductible amount. To assess your car’s current value, visit Kelley Blue Book or Edmunds.com. 3. Avoid duplicating medical coverage. If you already have good health, life and disability insurance, buy only the minimum personal injury protection required by the state where you live. 4. Purchase an older or less risky car. It’s more expensive to insure a vehicle that’s expensive to repair, popular with thieves or known for not having the greatest safety record. For a rundown of vehicles’ risk levels, visit the Insurance Institute for Highway Safety’s website. 5. Carpool or drive less. Many insurance companies offer low-mileage discounts to policyholders who carpool to work or drive a lower-than-average number of miles each year. Call your insurer to learn if you qualify. 6. Opt for safety gear. You can qualify for a discount on many policies if you have air bags, automatic seat belts, anti-lock brakes and daytime running lights. An approved alarm system or other anti-theft device can give you additional savings. 7. Seek out discounts for teens. Insure teenagers on the parents’ policy rather than a separate policy. Teens who maintain good grades and pass an approved drivers’ education course usually qualify for reduced rates. An additional discount may come into play if your child goes to college more than 100 miles from home without a car. 8. Combine policies with one carrier. You may save money if you insure all your vehicles, including trailers and recreational vehicles, on a single policy. Your car premium also may go down if you buy homeowners’ or life insurance from the same company. 9. Ask about other discounts. You also might be able to pay less if you’re older than 50 or 55 and/or retired; if you’ve had no accidents or moving violations in three years; or if you’re a longtime customer. Call a few other insurers to make sure you’re paying the lowest overall amount. 10. Skip roadside assistance. It might be good to line up a roadside assistance plan elsewhere because a tow could increase your auto insurance premium and might even affect your eligibility for coverage. You may already have an adequate roadside plan through your credit card.

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